OVERVIEW

Crypto, Invented To Escape Central Banking, Now Waiting For Fed Meeting 🤦

Here’s What’s Happening 👇️

Today’s top trending tickers: $ETH ( ▲ 1.71% ) , $NEAR ( ▼ 3.02% ) , $ENA ( ▲ 2.77% ) , $JASMY ( ▼ 0.55% ) , and $AERO ( ▲ 9.7% )

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NEWS
Well, This Has To Be A First: A Japanese Financial Giant Just Filed A Recovery Request With A DAO 🤯

On July 26, Hiroaki Morita, CEO of SBI Crypto, posted to the $NEAR ( ▼ 3.02% )  governance forum asking House of Stake to freeze 142.81646368 BTC. Eleven theft transaction hashes, the laundering routes, an offer of TRM tracing output on request, and a corporate email address at the bottom. 📧

The theft date is September 24, 2025. That is the SBI Crypto breach ZachXBT surfaced a week later (had to scroll through his Telegram channel to find it), roughly $21 million across five assets, routed through instant exchanges into Tornado Cash with on-chain patterns matching prior DPRK-linked thefts.

SBI never publicly confirmed it. The tracing now puts the Bitcoin leg in NEAR Intents. Tokyo Metropolitan Police contacted NEAR Intents, and NEAR Intents told them to take it to the DAO.

And I could be wrong, but this looks like the first time the CEO of a major arm of a major financial institution has gone the exact route the architecture says you are supposed to go. No company to sue, no custodian to subpoena, so he addressed the token holders directly, under his own name.

Morita has been around this since 2016 and knows House of Stake has no freeze switch. He filed anyway, which creates a dated record for regulators and insurers either way.

Not the way you want something badass to happen in DeFi, but there it is. 🤦 

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NEWS
Chainlink Had A Completely Normal $110B Quarter 🔗

$LINK ( ▲ 0.39% ) ended Q2 2026 with $110 billion in total value secured. CCIP handled $4.9 billion during the quarter, up 353% year over year, while more than $7 billion in cross-chain token value migrated onto the system. 😱 

No, normally quarterly reports are corporate highlight reels. Everyone wins. Nobody mentions the copier fire. Yet even after shaving off the promotional frosting, this quarter was nuts.

• Bridge migrations: $MNT ( ▼ 1.55% ) le moved $2.5 billion in MNT, KelpDAO moved $1.5 billion in rsETH, Lombard brought $1 billion in Bitcoin assets, and Kraken adopted CCIP for $330 million in kBTC plus future wrapped assets.

• TradFi love: DTCC plans to use Chainlink infrastructure for 24/7 collateral workflows. Project Pangea brought together 50-plus banks representing over $10 trillion in AUM to develop T+0 foreign-exchange settlement.

• Tokenization: Fidelity International launched its FILQ tokenized fund with Chainlink. State Street and Galaxy launched SWEEP. SIX brought data covering more than €2 trillion in European equities onchain.

• Prediction markets went feral: Polymarket’s Chainlink-powered high-speed crypto markets crossed $7 billion in volume. Ten more prediction applications adopted Chainlink, including the official prediction-market partner for the 2026 FIFA World Cup.

• LINK found an economic pulse: The Chainlink Reserve added 1.44 million LINK, lifting holdings to 4.5 million. Its SVR system has recaptured more than $23 million while processing over $880 million in liquidations with zero reported bad debt.

At some point, calling it an oracle network now feels like calling Amazon a bookstore. 📖 

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NEWS
Storj Files Chapter 11 With An Unusual Offer Attached ☁️

Storj Labs filed Chapter 11 on July 26. 🥹 

Roughly $35 million raised over the company's life, and management says the liabilities that got them here predate the current strategy. The network keeps running. Token utility is unchanged.

Now, there was one part of that I found kind of interesting and it has to do with the ownership proposal. Token holders have no legal claim on an issuer. In a standard Chapter 11 they sit below secured creditors, unsecured creditors, and equity.

$STORJ ( ▼ 17.9% ) intends to propose a mechanism for holders to participate in the equity of the restructured company. That is not how these usually go. Whenever these kinds of crypto entities go through the bankruptcy proceeding, it’s rare for the main entity to, well, think about their token holders.

But that part is a little light on details. No eligibility criteria, no snapshot date, no allocation percentage, no lockup terms. Creditors vote on the plan and a judge approves it, and the letter is careful to promise intention rather than outcome.

Still. BitMEX announced a wind-down on the 23rd. Poolin filed. Movement Labs went Subchapter V earlier in the month. Storj is the only one in the pile trying to route something back to the people holding the token, and if the court blesses it, that could be a future trend when and if this kind of stuff happens again. 👍️

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NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

🙈 Stablecoins Finally Learn To Mind Their Own Business

Payroll in USDC sounds efficient until every salary, bonus, and treasury transfer sits on a public ledger. COTI’s Privacy Portal already supports encrypted USDT and USDC balances, with its Garbled Circuits mainnet processing over 125 million transactions since March 2025. Coti.

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

📚 Circle Buys IBM’s Blockchain Filing Cabinet

Nearly 1,000 issued patents and more than 680 patent families just moved from IBM to Circle. They cover blockchain, banking, insurance, cloud systems, and supply chains, making Circle the largest U.S. blockchain patent holder by its account. USDC does not suddenly run faster, but Circle now owns a much thicker legal barrier around USDC, Arc, payments, and agentic finance. Circle.

🏦 Credit Unions Lose The “We Don’t Like That” Test

Effective July 27, an NCUA rule codifies that reputation risk cannot drive supervision or punishment for serving lawful but politically disfavored people or businesses. It covers exams, ratings, approvals, enforcement, informal feedback, CUSOs, and actions by agency personnel across 4,370 federally insured credit unions. Financial, operational, compliance, and illegal-activity risks still count; “someone in Washington dislikes the customer” does not. Federal Register

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

📌 Disney Gives Digital Pin Collectors Summer Homework

Seven sets, one week, and an Ariel pin capped at 150 - Disney Pinnacle has located the collector’s pressure points. Dapper Labs’ Flow-based Summer Adventure runs July 24-31 with Disney, Pixar, and Ink & Paint collections; standard packs start at $4.99, premium packs at $99.99, and unsold limited editions retire when the window closes. Flow.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

🚨 LayerZero Is Closing Roads, So Move The Car

LayerZero is ending DVN, executor, and Stargate v2 support on several low-activity chains, with timing varying by network. Anyone holding USDC.e, wETH, USDT, Stargate Pool, or Hydra assets on an affected chain should bridge to a supported network such as Ethereum, Arbitrum, Base, or BSC. Miss the cutoff and those funds may become inaccessible, which is a rather expensive way to ignore an announcement. LayerZero.

🗄️ DeFi Has Plenty of Money in the Wrong Drawers

TVL tells you how much capital is deposited, not how much is near active trades, earning fees, or available across several venues. 1inch argues passive pools, concentrated ranges, stable pools, vaults, and market makers all leave liquidity fragmented or idle, then uses Total Value Unlocked as the better measurement. Good diagnosis; the model letting one balance serve several opportunities is still the homework. 1Inch.

NEWS IN THREE SENTENCES
Protocol News 🏦

🪄 Payward Buys the Wallet Factory, Magic Keeps the Lab

Payward, the company behind Kraken, agreed to buy Magic Labs’ wallet infrastructure business, which has powered 60 million-plus wallets and over $10 billion in stablecoin volume. It gives Payward Services embedded, non-custodial wallets beside its trading, custody, tokenization, ramps, and derivatives stack. Magic’s remaining team becomes Newton Labs and focuses on transaction authorization, while Payward becomes an even larger box marked “just plug us in.” Kraken.

OLD NEWS
Other Stuff That Happened Today, But A Long Ass Time Ago ⌛️

Month, Day (example: May, 3rd)

• 1054 - An English army invaded Scotland and defeated King Macbeth, the real one, at Dunsinane.

• 1214 - France won the Battle of Bouvines, wrecking King John’s power and helping set up Magna Carta.

• 1299 - According to traditional dating, Osman I launched the campaign considered the Ottoman Empire’s beginning.

• 1377 - Ragusa ordered arriving travelers isolated for 30 days, creating one of history’s first quarantine systems.

• 1549 - Francis Xavier reached Japan and began the first major Christian mission there.

• 1694 - The Bank of England received its royal charter.

• 1794 - Robespierre was arrested, ending the Reign of Terror.

• 1857 - During India’s rebellion, 68 defenders held out for 8 days against as many as 10,000 attackers.

• 1866 - The first reliable transatlantic telegraph cable connected Europe and North America.

• 1890 - Vincent van Gogh suffered the gunshot wound that killed him 2 days later.

• 1921 - Canadian researchers proved insulin could regulate blood sugar.

• 1953 - The Korean Armistice halted the war without technically ending it. Still waiting on that treaty.

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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLD, NEAR, INJ, LTC, LINK, ZEC, XLM, and FET. 📋